Finance Company in Amritsar
 

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Finance Company in Amritsar
Finance Company in Amritsar FAQs Finance Company in Amritsar

What is Crown Credit Cooperative Society Limited ?
Crown Credit Cooperative Society Limited (CCCSL) is registered as a Multi State Cooperative Society under section 7 of the Multi State Cooperative Societies Act, 2002 (39 of 2002) and the rules framed there under.

What is the registration number and date of Crown Credit Cooperative Society Limited (CCCSL) under the MSCS Act, 2002 ?
The registration number of Crown Credit Cooperative Society Limited (CCCSL) is MSCS/CR/634/2012 and the date of registration is 8th October 2012.

What is the Area of Operations of Crown Credit Cooperative Society Limited ?
The area of operation of the Society is currently confined to the states of Delhi, Punjab, Haryana and Maharashtra.

How does the Society utilize the funds/deposits mobilized by it ?
The Society uses the funds in lending to its members and investments as per the Cooperative Society Act/Rules/Byelaws. The lending of the Society is in the shape of small loans for business and micro-finance.

Are the deposits with the Society safe and secure ?
Government of India has framed the laws/rules to ensure the security and safety of the deposits. Crown Credit Cooperative Society abides by the rules and regulations framed by the Central Government. The Multi State Cooperative Societies Act, 2002 stipulates the following rules:-
Rule 66 - Restriction on loans – (1) A Multi State Cooperative Society, other than a Cooperative bank, shall not make a loan to a member on the security of his share or on the security of a non-member.
Rule 67 - Restriction on borrowing – (1) A Multi State Cooperative Society, may receive deposits, raise loans and receive grants from external sources to such extent and under such conditions as may be specified in the Byelaws, provided that the total amount of deposits and loans received during any financial year shall not exceed ten times of the sum of subscribed share capital and accumulated Reserves.

What is the difference between Crown Credit Cooperative Society and other financial companies?
CCCSL is registered under the Multi State Cooperative Societies Act. The Society is not a personal institution owned by an individual but is a fully democratic organization managed by a Board of Directors. The Board of Directors is elected by the members of the Society at its Annual General Meetings. The Board of Directors takes decisions in a collective manner with total transparency. The Department of Cooperation reviews the functioning of the Society at regular intervals.
Finance companies are usually owned by individuals and frame their policies according to the discretion of their individual owners. The general members/depositors/investors have no role to play in the decision making. Members/investors have only little knowledge of the affairs/legal provisions of NBFCs. The statutory liabilities of an NBFC are limited.

On the other hand, Crown Credit Cooperative Society Limited is alive to its legal liabilities and is accountable to its members through the elected members of the Board of Directors. Books of accounts of Crown Credit Cooperative Society Limited are the subject matter of statutory audit. The audited accounts of the Society are submitted to the Government of India for review and action on an annual basis.

Why is CCCSL paying a higher rate of interest to its members ?
CCCSL believes in the principle of encouraging saving habits amongst its members. In the present context, when the tendency to save is on the decline and the consumerism is on the high, the endeavour of the Society is to ensure the financial and social well-being of its members. CCCSL recognises its moral responsibility towards the society. CCCSL is convinced that higher the savings, higher would be the investment and better would be the GDP of the state as well as that of the country.

What are the other benefits available to the members of CCCSL?
Apart from the higher rate of interest on his/her deposit, a member of CCCSL gets an additional rate of interest of 1% if he/she falls under any of the following categories for his/her deposit under Crown Fixed Deposit (CFD) and Crown Monthly Income Scheme (CMIS) : -
(a) Indian Citizens above 50 years of age, (b) Ladies, (c) Physically challenged persons, (d) Retired persons, (d) Members of armed forces, (e) Retired defence persons, (f) Employees of State & Central Government, (g) All Employees of Finance Sector, Insurance Companies or Employees of any Cooperative establishment, (h) Local Bodies, (i) Trust, (j) Single deposit of Rs. 2 Lacs and above.
A member of CCCSL also gets free Accidental Death Insurance of minimum Rs.1 Lacs with every CCCSL account with the maximum cover not exceeding Rs.2 Lacs per investor (the slabs may change as per the descrition of the board).

How does Crown Credit Cooperative Society Limited offer a higher rate of interest as compared to Commercial Banks and other Financial Institutions?
There are varieties of natural and financial reasons which help the Society in offering better rate of interest. A few of them are detailed below: -

  • Income earned by the Society on account of interest on loans/advances: Income earned by the Society on account of interest on loans/advances granted to its members contributes a major part of its income. This income is exempt from Income Tax as per section 80P of the Income Tax Act. Therefore the Society is able to save an amount which could have otherwise been an outflow in the form of tax. The Board of Directors of the Society is of the view that a portion of this should be passed on to the members of the Society by offering them a higher rate of interest. This is in line with the corporate philosophy of the Society.
  • Cash Reserve Ratio (CRR): Banks and other financial institutions keep around 03-20% of their deposits in cash or with Reserve Bank of India as per RBI regulations. An amount so kept does not earn any interest and reduces the capacity of lending. Crown Credit Cooperative Society Limited is exempt from this provision and keeps minimum cash in hand to meet the day to day requirements. The Society is therefore, in a position to lend more, out of the mobilised funds.
  • Statutory Liquidity Ratio (SLR): Banks keep upto 40% of their deposits in different type of government securities which yields lesser interest as compared to the rate of interest prevailing in the market. Crown Credit Cooperative Society Limited is exempt from maintaining Cash Reserve Ratio and Statutory Liquidity Ratio. CCCSL has better opportunities of managing its funds and earning a better interest thereon. In turn, the Society shares the benefits of such income with its members by offering them better rate of interest.

Who can invest with Crown Credit Cooperative Society Limited?
All investors/depositors keen to earn better return/interest on their savings in the short term as well as medium term and long term can invest with Crown Credit Cooperative Society Limited The new member should be above 18 years of age and should be a resident of any of the states which form the area of operation for the Society.

An investor keen to earn better return/interest on his/her savings can become a member of Crown Credit Cooperative Society Limited by paying a membership fees and submitting an application form. The new member should be above 18 years of age and should be a resident of the states which form the area of operation of the Society.

An investor/depositor keen to earn better return/interest on his/her savings can visit the nearest CCCSL branch. The updated list of branches is available on the website under the section – “Contact Us”.

An investor can deposit his/her funds with CCCSL in any of the following products:-

(a) Crown Fixed Deposit (CFD)
(b) Crown Recurring Deposit (CRD)
(c) Crown Monthly Income Scheme (CMIS)
(d) Crown Special Plan (CSP)
(e) Crown Mega Plan (CMP)

Please refer the section - “Products” - for more information.

What is the minimum amount that can be invested in Crown Fixed Deposit?
The minimum deposit amount for a Crown Fixed Deposit (CFD) is Rs.5000/-. Further deposits can be made by an investor in multiples of Rs.100/-. Thus an investor can apply with an amount of Rs.5000/-, or Rs.5100/-, or Rs.5200/-, or Rs.5300/- and so on.
Please refer the section - “Products” - for more information.

What is the minimum amount that can be invested in Crown Monthly Income Scheme?
The minimum deposit amount for a Crown Monthly Income Scheme (CMIS) is Rs.10000/-. Further deposits can be made by an investor in multiples of Rs.100/-Thus an investor can apply with an amount of Rs.10000/-, or Rs.10100/-, or Rs.10200/-, or Rs.10300/- and so on.
Please refer the section - “Products” - for more information.

What is the minimum amount that can be invested in Crown Recurring Deposit/Crown Easy Life?
The minimum deposit amount for a Crown Recurring Deposit (CFD) / Crown Easy Life (CEL) is Rs.500/- per month. Further deposits can be made by an investor in multiples of Rs.100/-. Thus an investor can apply with an amount of Rs.500/- per month, or Rs.600/- per month, or Rs.700/- per month and so on.
Please refer the section - “Products” - for more information.

What are the different special plans that are available to an investor of Crown Credit Cooperative Society Limited ?
An investor can invest in the following Crown Special Plans with CCCSL:-

(a) Crown Triplet (555 days)
(b) Crown Standard (1100 days)
(c) Crown Platinum (2100 days)
(d) Crown Dream Home (3100 days)
(e) Crown Child Education (5100 days)
(f) Crown Easy Retirement (7300 days)
Please refer the section - “Products” - for more information.

What is the minimum amount that can be invested in Crown Special Plan?
The minimum deposit amount for a Crown Special Plan (CSP) is Rs.10000/-. Further deposits in CSP can be made by an investor in multiples of Rs.100/-. Thus an investor can apply with an amount of Rs.10000/-, or Rs.10100/-, or Rs.10200/-, or Rs.10300/- and so on.
Please refer the section - “Products” - for more information.

What are the different long term plans that are available to an investor of Crown Credit Cooperative Society Limited ?
An investor can invest in the following Crown Mega Plans with CCCSL:-

(a) Crown Easy Life: Minimum deposit of Rs.500/- per month and further in multiples of Rs.100/-
(b) Crown Easy Grow: Minimum deposit of Rs.25000/- and further in multiples of Rs.100/-
(c) Crown Junior Special Plan : Minimum deposit of Rs.1000/- and further in multiples of Rs.100/-
(d) Crown Women Special Plan : Minimum deposit of Rs.49000/- and further in multiples of Rs.100/-
(e) Crown Limited Pay Plan : Minimum deposit of Rs.49000/- and further in multiples of Rs.100/-
Please refer the section - “Products” - for more information.

What is the customer care number for CCCSL?
The Customer Care number for CCCSL is +91-172-2590079.
Please refer the section - “Contact Us” - for more information.

Finance Company in Amritsar
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Registered Office
Office No. 203, TSL Plaza,
ESI Market, Plot No. 9, Sector-6,
Dwarka, Behind ICICI Bank, Delhi-110075
Contact No. +91-11-45570079

Corporate Office
S.C.O - 217, First Floor,
Above State Bank Of India,
Sector-14, Panchkula-134109 (Haryana)
Contact No. +91-172-2590079

Finance Company in Amritsar
Finance Company in Amritsar
Head Office
Shop No. 9-10, 3rd Floor,
Nehru Shopping Complex,
Lawrance Road,
Amritsar-143001 (Punjab)
Contact No. +91-183-5007979
Finance Company in Amritsar
Finance Company in Amritsar